2011 was another banner year for Hyundai, but the Korean automaker has no intentions of resting on its laurels. Hyundai will boost research and development spending next year and is also eying a bigger slice of the European pie.
Hyundai Motor – which includes affiliate Kia – announced on Thursday that it will increase R&D spending 10.9 percent to $4.41 billion next year. Hyundai says $3.98 billion of that allocation will be used for the development of environmentally friendly and fuel efficient vehicles.
Additionally, Hyundai is expecting to boost its European market share to 5 percent by 2015, up from the automaker’s current 3 percent share.
“For next year, we have resolved to increase our market share in Europe to 3.5 percent,” Allan Rushforth, deputy chief of Hyundai’s European operations, said.
Hyundai and Kia expect to combine for more than 6.5 million vehicle sales this year.
References
1.’Hyundai eyes 5…’ view
2.’Hyundai Motor Group…’ view
